QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Northern States Power Company | ||
(Exact name of registrant as specified in its charter) | ||
(State or other jurisdiction or incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
N/A |
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||
☒ | Smaller reporting company | ||||
Emerging growth company |
Class | May 7, 2020 | |
Common Stock, $100 par value |
TABLE OF CONTENTS |
PART I | FINANCIAL INFORMATION | ||
Item 1 — | |||
Item 2 — | |||
Item 4 — | |||
PART II | OTHER INFORMATION | ||
Item 1 — | |||
Item 1A — | |||
Item 6 — | |||
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Definitions of Abbreviations |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
e prime | e prime inc. |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
PSCW | Public Service Commission of Wisconsin |
SEC | Securities and Exchange Commission |
Other | |
ADIT | Accumulated deferred income tax |
ASC | FASB Accounting Standards Codification |
C&I | Commercial and Industrial |
CEO | Chief executive officer |
CFO | Chief financial officer |
COVID-19 | Novel coronavirus |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
GAAP | Generally accepted accounting principles |
MDL | Multi-district litigation |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
NOI | Notice of inquiry |
NOL | Net operating loss |
O&M | Operating and maintenance |
ROE | Return on equity |
RTO | Regional Transmission Organization |
TOs | Transmission owners |
UMP | Utility Money Pool |
Forward-Looking Statements |
ITEM 1 — FINANCIAL STATEMENTS |
Three Months Ended March 31 | |||||||
2020 | 2019 | ||||||
Operating revenues | |||||||
Electric, non-affiliates | $ | $ | |||||
Electric, affiliates | |||||||
Natural gas | |||||||
Other | |||||||
Total operating revenues | |||||||
Operating expenses | |||||||
Electric fuel and purchased power, non-affiliates | |||||||
Purchased power, affiliates | |||||||
Cost of natural gas sold and transported | |||||||
Operating and maintenance expenses | |||||||
Conservation program expenses | |||||||
Depreciation and amortization | |||||||
Taxes (other than income taxes) | |||||||
Total operating expenses | |||||||
Operating income | |||||||
Other expense, net | ( | ) | ( | ) | |||
Allowance for funds used during construction — equity | |||||||
Interest charges and financing costs | |||||||
Interest charges — includes other financing costs of $0.3 and $0.3, respectively | |||||||
Allowance for funds used during construction — debt | ( | ) | ( | ) | |||
Total interest charges and financing costs | |||||||
Income before income taxes | |||||||
Income tax (benefit) expense | ( | ) | |||||
Net income | $ | $ |
Three Months Ended March 31 | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Deferred income taxes | ( | ) | ( | ) | |||
Allowance for equity funds used during construction | ( | ) | ( | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | ( | ) | ( | ) | |||
Accrued unbilled revenues | |||||||
Inventories | |||||||
Other current assets | |||||||
Accounts payable | ( | ) | ( | ) | |||
Net regulatory assets and liabilities | |||||||
Other current liabilities | ( | ) | |||||
Pension and other employee benefit obligations | ( | ) | ( | ) | |||
Other, net | |||||||
Net cash provided by operating activities | |||||||
Investing activities | |||||||
Utility capital/construction expenditures | ( | ) | ( | ) | |||
Other, net | ( | ) | |||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Financing activities | |||||||
Proceeds from (repayments of) short-term borrowings, net | ( | ) | |||||
Repayments of long-term debt | ( | ) | |||||
Capital contributions from parent | |||||||
Dividends paid to parent | ( | ) | ( | ) | |||
Other, net | ( | ) | |||||
Net cash provided by (used in) financing activities | ( | ) | |||||
Net change in cash, cash equivalents and restricted cash | ( | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | ) | $ | ( | ) | |
Cash (paid) received for income taxes, net | ( | ) | |||||
Supplemental disclosure of non-cash investing transactions: | |||||||
Accrued property, plant and equipment additions | $ | $ | |||||
Inventory transfer additions in property, plant and equipment | |||||||
Allowance for equity funds used during construction in property, plant and equipment |
March 31, 2020 | Dec. 31, 2019 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, net | |||||||
Accrued unbilled revenues | |||||||
Inventories | |||||||
Regulatory assets | |||||||
Prepaid taxes | |||||||
Prepayments and other | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Other assets | |||||||
Regulatory assets | |||||||
Other | |||||||
Total other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Short-term debt | $ | $ | |||||
Accounts payable | |||||||
Accounts payable to affiliates | |||||||
Dividends payable to parent | |||||||
Regulatory liabilities | |||||||
Taxes accrued | |||||||
Environmental liabilities | |||||||
Accrued interest | |||||||
Other | |||||||
Total current liabilities | |||||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | |||||||
Deferred investment tax credits | |||||||
Regulatory liabilities | |||||||
Environmental liabilities | |||||||
Customer advances | |||||||
Pension and employee benefit obligations | |||||||
Other | |||||||
Total deferred credits and other liabilities | |||||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | |||||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at March 31, 2020 and Dec. 31, 2019, respectively | |||||||
Additional paid in capital | |||||||
Retained earnings | |||||||
Total common stockholder’s equity | |||||||
Total liabilities and equity | $ | $ |
NSP-WISCONSIN AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED) (amounts in millions, shares in thousands) | ||||||||||||||||||
Common Stock Issued | Retained Earnings | Total Common Stockholder's Equity | ||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||
Three Months Ended March 31, 2020 and 2019 | ||||||||||||||||||
Balance at Dec. 31, 2018 | $ | $ | $ | $ | ||||||||||||||
Net income | ||||||||||||||||||
Common dividends declared to parent | ( | ) | ( | ) | ||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ||||||||||||||
Balance at Dec. 31, 2019 | $ | $ | $ | $ | ||||||||||||||
Net income | ||||||||||||||||||
Common dividends declared to parent | ( | ) | ( | ) | ||||||||||||||
Contribution of capital by parent | ||||||||||||||||||
Adoption of ASC Topic 326 | ( | ) | ( | ) | ||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | March 31, 2020 | Dec. 31, 2019 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | $ | ||||||
Less allowance for bad debts | ( | ) | ( | ) | ||||
Accounts receivable, net | $ | $ |
(Millions of Dollars) | March 31, 2020 | Dec. 31, 2019 | ||||||
Inventories | ||||||||
Materials and supplies | $ | $ | ||||||
Fuel | ||||||||
Natural gas | ||||||||
Total inventories | $ | $ |
(Millions of Dollars) | March 31, 2020 | Dec. 31, 2019 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | $ | ||||||
Natural gas plant | ||||||||
Common and other property | ||||||||
Construction work in progress | ||||||||
Total property, plant and equipment | ||||||||
Less accumulated depreciation | ( | ) | ( | ) | ||||
Property, plant and equipment, net | $ | $ |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2020 | Year Ended Dec. 31, 2019 | ||||||
Borrowing limit | $ | $ | ||||||
Amount outstanding at period end | ||||||||
Average amount outstanding | ||||||||
Maximum amount outstanding | ||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||
Weighted average interest rate at period end |
Credit Facility (a) | Outstanding (b) | Available | ||||||||
$ | $ | $ |
(a) | This credit facility expires in June 2024. |
(b) | Includes outstanding commercial paper. |
5. Revenues |
Three Months Ended March 31, 2020 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||
C&I | ||||||||||||||||
Other | ||||||||||||||||
Total retail | ||||||||||||||||
Interchange | ||||||||||||||||
Other | ||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||
Alternative revenue and other | ||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended March 31, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||
C&I | ||||||||||||||||
Other | ||||||||||||||||
Total retail | ||||||||||||||||
Interchange | ||||||||||||||||
Other | ||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||
Alternative revenue and other | ||||||||||||||||
Total revenues | $ | $ | $ | $ |
6. Income Taxes |
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Federal statutory rate | % | % | ||||
State tax (net of federal tax effect) | ||||||
Increases (decreases) in tax from: | ||||||
Plant regulatory differences (a) | ( | ) | ( | ) | ||
Nonplant ADIT amortization | ( | ) | ||||
Tax credits, net of NOL & tax credit allowances | ( | ) | ( | ) | ||
Other (net) | ||||||
Effective income tax rate | ( | )% | % |
(a) | Regulatory differences for income tax primarily relates to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. |
Tax Years | Expiration | |
2009 - 2013 | September 2020 | |
2014 - 2016 | June 2021 |
(Millions of Dollars) | March 31, 2020 | Dec. 31, 2019 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | $ | ||||||
Unrecognized tax benefit — Temporary tax positions | ||||||||
Total unrecognized tax benefit | $ | $ |
(Millions of Dollars) | March 31, 2020 | Dec. 31, 2019 | ||||||
NOL and tax credit carryforwards | $ | ( | ) | $ | ( | ) |
7. Fair Value of Financial Assets and Liabilities |
• | Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices; |
• | Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs; and |
• | Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. |
(Amounts in Millions) (a)(b) | March 31, 2020 | Dec. 31, 2019 | ||||
Million British thermal units of natural gas |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Dec. 31, 2019 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | $ | $ | $ | $ | $ |
(a) | NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2019. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
(b) | Included in prepayments and other current assets balance of $ |
March 31, 2020 | Dec. 31, 2019 | |||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
8. Benefit Plans and Other Postretirement Benefits |
Three Months Ended March 31 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost (a) | ||||||||||||||||
Expected return on plan assets (a) | ( | ) | ( | ) | ||||||||||||
Amortization of prior service credit (a) | ( | ) | ( | ) | ||||||||||||
Amortization of net loss (a) | ||||||||||||||||
Net periodic benefit cost | ||||||||||||||||
Costs not recognized due to effects of regulation | ||||||||||||||||
Net benefit cost recognized for financial reporting | $ | $ | $ | $ |
(a) | The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
9. Commitments and Contingencies |
10. Segment Information |
• | Regulated Electric — The regulated electric utility segment generates electricity, which is transmitted and distributed in Wisconsin and Michigan; and |
• | Regulated Natural Gas — The regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. |
(Millions of Dollars) | 2020 | 2019 | ||||||
Regulated Electric | ||||||||
Operating revenues (a) | $ | $ | ||||||
Intersegment revenues | ||||||||
Total operating revenue | ||||||||
Net income | ||||||||
Regulated Natural Gas | ||||||||
Operating revenues | $ | $ | ||||||
Intersegment revenues | ||||||||
Total operating revenue | ||||||||
Net income | ||||||||
All Other | ||||||||
Operating revenues | $ | $ | ||||||
Net income | ||||||||
Consolidated Total | ||||||||
Operating revenues (a) | $ | $ | ||||||
Reconciling eliminations | ( | ) | ( | ) | ||||
Total operating revenue | $ | $ | ||||||
Net income |
(a) | Operating revenues include $ |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Three Months Ended March 31 | ||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||
Electric revenues | $ | 211.8 | $ | 215.0 | ||||
Electric fuel and purchased power | (97.2 | ) | (105.4 | ) | ||||
Electric margin | $ | 114.6 | $ | 109.6 |
(Millions of Dollars) | 2020 vs. 2019 | |||
Regulatory rate outcomes | $ | 7.7 | ||
Sales growth | 0.8 | |||
Estimated impact of weather | (4.1 | ) | ||
Purchased capacity costs | (2.0 | ) | ||
Other (net) | 2.6 | |||
Total increase in electric margin | $ | 5.0 |
Three Months Ended March 31 | ||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||
Natural gas revenues | $ | 45.2 | $ | 61.1 | ||||
Cost of natural gas sold and transported | (21.4 | ) | (32.3 | ) | ||||
Natural gas margin | $ | 23.8 | $ | 28.8 |
(Millions of Dollars) | 2020 vs. 2019 | |||
Estimated impact of weather | $ | (3.6 | ) | |
Regulatory rate outcomes | (1.2 | ) | ||
Sales growth | 0.7 | |||
Other (net) | (0.9 | ) | ||
Total decrease in natural gas margin | $ | (5.0 | ) |
Public Utility Regulation |
Environmental |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 6 — EXHIBITS |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference |
3.01* | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 333-112033 | 3.01 | |
3.02* | NSP-Wisconsin Form 10-K for the year ended Dec. 31, 2018 | 001-03140 | 3.02 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||
101.SCH | XBRL Schema | |||
101.CAL | XBRL Calculation | |||
101.DEF | XBRL Definition | |||
101.LAB | XBRL Label | |||
101.PRE | XBRL Presentation | |||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Northern States Power Company (a Wisconsin corporation) | ||
May 7, 2020 | By: | /s/ JEFFREY S. SAVAGE |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ BRIAN J. VAN ABEL | ||
Brian J. Van Abel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
1. | I have reviewed this report on Form 10-Q of Northern States Power Company (a Wisconsin corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q of Northern States Power Company (a Wisconsin corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN J. VAN ABEL | |
Brian J. Van Abel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of NSP-Wisconsin as of the dates and for the periods expressed in the Form 10-Q. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) | |
/s/ BRIAN J. VAN ABEL | |
Brian J. Van Abel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Capitalization | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 100 | $ 100 |
Common stock, shares outstanding (in shares) | 933,000 | 933,000 |
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